Less than half of the states in the United States require high school students to take financial literacy courses before graduating.
This means that too many young people are going off to college with little idea of how to properly manage their finances. Teaching your kids these five money tips will help them learn how to manage their money for a financially secure life later.
Save for the Future
Putting money away for a rainy day is key to smart money management. Have your kids start small by putting a portion of their allowance or money they have earned into a bank. They can watch the money grow until they use it to purchase something that they want. Getting into the habit of saving now will be very helpful when they are managing their own finances in the future.
Don’t Try to Keep Up With Your Friends
A good way to get into financial trouble is to follow the spending patterns of the people around you. Buying something that you don’t need just because your friend bought one is a waste of money.
If they buy $200 shoes and you are happy with $50 shoes, choose what is right for you and save money. You never know what another person’s financial situation really is so you should not try to follow them.
Limit the Activities You Pay For
Free activities are available everywhere, so there is no need to always choose something you have to pay for when you leave the house.
Many cities offer free activities to their residents, including live music concerts, movie nights, zoo and museum admissions, and educational classes. Check your local newspaper and the schedule of events at your local library to see what free activities are offered.
Limit Your Debt
Utilizing debt to acquire things you desire quickly can be beneficial in some cases. However, it is important to limit your debt to ensure you are not spending a considerable portion of your income to service it. Everything that you buy by taking on debt costs more than you paid for it once interest charges and account fees are factored in. Consider every loan and credit card purchase carefully and ask yourself, “Is this item worth going into debt for?”
Limit Your Living Costs
Your living costs are generally the largest drain on your finances. A bigger living space requires more energy, requires more cleaning, and requires more maintenance. Choosing a smaller space helps you save money, time, and energy. You should also consider living with a roommate that will split the living costs with you.
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From everyday essentials to guilty pleasures, here are 15 items that have become shockingly expensive.
15 Items That Used to Be Cheap but That Are Now Shockingly Expensive
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Here are some of my absolute favorite frugal tips to help you get started on your journey to frugal living.
I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money
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15 Things That Are No Longer Worth It Because of How Expensive They Have Become
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Think of it as a side hustle that pays off without the extra hours. Whether you’re looking to conquer debt or simply boost your bank account, these tips are guaranteed to put more money in your pocket, painlessly.
28 Practical Ways Frugal People Save Lots of Money
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Want to save some money? There are so many ways to save money that are published in articles all day, every day.
It can be tiring to sort through them and find the ones that work for you, so we decided to scour the internet and find some of the best ones to share with you. But we couldn’t decide which ones to share with you, so we just decided to share the ones we liked, which means that these are pretty random!
14 Ridiculously Random Tips That Could Save You Lots Money